HM Revenue and Customs Insist you get Online
HM Revenue & Customs Insist you get Online
Article supplied by David Finnegan from Mossgrove Wells Ltd
Payroll Year End and we have to perform some more tasks for the Taxman free of charge. All Employers with less than 50 Employees will have to file their End of Year returns (P14 & P35) not on paper but via the Internet. Failure could mean a fine of up to £3,000. From next year they will also have to file online the Employee Starter and Leaver forms (P45 & P46) or risk another fine between £100 and £3,000.
Larger Employers have been monitored for non compliance since January this year and the first fines will be issued in April. Register your E-mail address with HMRC to get Alerts when Employee Code Changes and Notes are issued which relate to you. Otherwise you will have to keep logging on to see if you have any waiting.
From 6th April those with earnings over £100,000 will progressively lose their Personal Allowance. In addition, Taxable Income over £150,000 will attract the new band of 50%. The basic Income Tax personal allowance remains the same as last year at £6475. The format of the P60 form has changed to accommodate the new NI contribution band. A new Benefit - Additional Statutory Paternity Pay is planned to be introduced this year to join SSP, SMP, SPP & SAP.
If you would to discuss your payroll needs call David Finnigan on 01372 361186